So seems like a decent play for cash flow but not much for appreciation.

Due to the current interest rates, you probably can't live for free, but you can definitely learn how to house hack in that first year, reduced your personal housing costs, learn the rent by room/co-living strategy on-site, and then probably break-even after move out, but most importantly, it is possible to make that work in 2025 with today's rates.It just takes being open-minded and willing to be flexible for the 1st year.  

I know this may sound simple and unorthodox, but I think you should try to BRRRR as much as possible.

As soon as possible after receiving a booking, I personally call the Guest and thank them for booking with us, ask if they have any questions and ask if there is anything that we can do in advance to prepare for their stay.Guess I'm just old school.....But then again, 11 years and only 5 STAR reviews......

Does not need to be perfectly soundproof but if it as bad as you allude to then you need to deal with it as soon as possible.

If we sell, we will have between $150-200k to play with.

The theory is spot on, in practice however that logic rarely plays out - at least in recent years where multifamily has been crazy.

I’m just getting started and looking to soak up as much knowledge as possible—whether it’s about finding good deals, managing renovations, or understanding the financial side of things. 

Cash flow is possible if you are flexible.

The squatter possibly has warrants on him and will be difficult to locate.